How to Get a Loan with No Credit History

June 7, 2021 | Mason Roberts

how to get a loan with no credit history

Do you know how to get a loan with no credit history? Better yet, do you know how your credit history has been holding you back? Are you aware of your options or do you feel lost and confused? If you do feel misled, keep reading. This is how you get a significant loan despite your lack of creditworthiness.

By the way, your low or non-existent credit score is not necessarily indicative of poor financial behavior. It may just be that you're starting out or starting over. Meanwhile, the average consumer in the United States only has a 710 rating. So, your lacking scores won't hold you back as much as you think. We will also show how a title pawn could be an option.

All You Should Know about Getting a Loan with No Credit History

The Importance of Knowing How to Get a Loan with No Credit History

Knowing how to get a loan with no credit history is important, especially if you need money now. That's because most traditional banks won't accept your loan application unless you have a high score and an ample income. They look at your debt-to-income ratio instead of focusing on your ability to repay the loan or your current situation.

That, in turn, can cause some major problems in your financial life. It prevents you from getting things paid on time, and that negatively affects your credit score before you ever even get one. Then, you start out behind the line and struggle to make ends meet consistently. For people with goals, that's not even an option.

How Much Credit History Do I Need to Get Approved for a Loan?

In general, most traditional banks want their applicants to have at least two years of active, positive credit history to qualify for basic loans. Plus, your scores must be above the national average in most cases. On top of that, approval is often based on the applicant's (and/or co-applicant's) income, but other factors may be considered as well.

DID YOU KNOW: Most people in this country live paycheck to paycheck, and many of them have less than $3,000 in savings.

How to Get a Loan with No Credit History and a Low Income

Are your paychecks lacking just as much as your credit history? That's pretty common these days. And that's also why people look at alternative funding sources for the money they need. Usually, that involves pawning something, selling their personal items, or starting a side gig of some kind. However, it can be even easier than that.

How is that possible? With title pawns, that's how. These fast funding options are available to everyone who qualifies, and the money can be used to handle emergencies like late rent or mortgage payments, insurance premiums, medical bills, home repairs, impromptu travel, and anything else important to your way of life.

This is what you should do before looking for money though:

  1. Determine your budget. Know how much money you need to make ends meet and then find ways to cut back on spending. That will help prevent you from borrowing too much cash at once.
  2. Track your spending. This gives you a clearer picture of your finances, and it also reveals your bad habits and poor money management skills. Use what you find to smooth things out.

If you really want to know how to get a loan with no credit history, look what options Alabama Title Pawns, Inc. can offer for people like you.

How Does a Title Pawn Work?

Man pawning his car

Title pawns online are secured loans that use your vehicle ownership documents as collateral for a lump

sum payment. The exact amount depends on the condition of your vehicle as well as on a lender. With Alabama Title Loans, Inc., for example, qualified people can get as much as $15,000 if they're approved. Meanwhile, the approval process is extremely simple and takes as little as 30 minutes for most consumers.

1. Start Online or over the Phone.

Did you know that you can get a title pawn without even leaving the comfort of your home? Just find a short intake form on our website or call the store to get started. You'll answer a few simple questions and then proceed to the next steps within 30 minutes or less if you qualify.

2. Provide the Information Requested.

To get a title pawn as quickly as possible, you must come prepared. Even if the agent travels to your location, this is what they'll want to see for rapid approval:

  • Your driver's license or a government-issued photo ID
  • The lien-free title to the vehicle (registered in your name)
  • The car itself for a quick inspection and appraisal by the agent

Get Approved, Sign Paperwork, and Get Your Cash

After a quick inspection of your vehicle, the agent will let you know hoe much you qualify for. And if the amount and the repayment terms sound satisfactory to you, sign a few more papers, and get your cash.

Get Started Now!

So, now that you know it is possible to get a loan with no credit history, don’t hesitate to get started with Alabama title pawns online by filling out a short inquiry form on the website or calling us directly!